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    603 N Prospect St Cambridge, IL 61238

    For Sale
    $2,200,000

    Commercial Sale - Cambridge, IL

    Lot size:
    1.06 Acres
    Days on Market:
    159
    Last Refresh:
    Dec 13 at 2:06 pm

    Property Features for 603 N Prospect St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    MULTI
    APN
    1807202012
    Lot size
    1.06 Acres

    Building Details

    Number of units
    40
    Roof type
    Composition
    Architectural style
    Other

    Lori Bonarek Realty (815) 518-2300 [email protected]

    Listing agent Lori Bonarek (815) 518-2300 License #471022278

    Listing date Jul 8, 2025

    MLS# 12393172 Listing URL

    Copyright © 2025 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Cambridge, IL Multifamily Investment Opportunity

    This listing features an investment opportunity consisting of two multi-family properties located at 603 N. Prospect Street, Cambridge and 503 10th Avenue, Orion. The properties offer a total of 40 residential units, including 24 studio apartments, ten one-bedroom units, four handicap-accessible one-bedroom units, and two two-bedroom units. Both buildings operate under HUD housing requirements, serving residents who are 62 years of age or older or individuals with qualifying disabilities. The properties are well-maintained and provide amenities such as a community room and coin-operated laundry facilities. The buildings are considered safe and secure and represent a turnkey portfolio with income potential in the affordable housing sector. The lot size is 1.06 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Law Firm Spa & Massage Dental Office Clothing Store Auto Repair Shop Pharmacy Wholesale Shop Hotel & Motel Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cambridge
    County
    Henry
    State
    Illinois
    Longitude
    -90.192714
    Latitude
    41.308864

    FAQs

    What type of property is this?
    Apartment building - Two well-maintained multifamily properties with 40 units near Cambridge, IL.
    Where is this apartment building located?
    The property is located at 603 N Prospect St Cambridge, IL.
    What is the asking price?
    The asking price for this property is $2,200,000.
    What are key features of this property?
    This property features: - Portfolio of two multi-family properties totaling 40 units.; - Consistent rental income and strong occupancy history.; - Operates under HUD housing requirements.
    (815) 518-2300
    Request Owner's contact information
    603 N Prospect St Cambridge, IL 61238
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    603 N Prospect St
    Cambridge, IL 61238
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    603 N Prospect St Cambridge, IL 61238
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